SID TALKS STOCKS

After experiencing gains in the last four days, both the NSE Nifty 50 and BSE Sensex ended in the red on Friday. While the Sensex dropped 983.58 points, the Nifty ended lower at 14,631.10. Among the sectoral indices, only Nifty Pharma showed gains of 1.28 percent. At the closing bell, all the other sectors were in red, with Nifty Financial Services down by 3.03 percent.

The main reason for the fall of the market is a sharp rise in Covid-19 cases is posing a serious threat to the economic recovery of the world. India has reported 3.9 lakh fresh Covid-19 cases in the last 24 hours - the biggest spike in daily cases witnessed since the pandemic began last year. The country also reported 3,502 deaths in the last 24 hours.

HDFC BANK

Banking, financial services, and insurance (BFSI) are the backbone of the growing economy of India.BFSI has a weightage of around 27% in the Nifty 50 the most for any sector. The stock of HDFC BANK had 3 negative sessions out of 5 last week falling around 4% over the week. Targets of around 1450-60 could be achieved in the short term for around a week or two and those who aim to have a positional view could hold it till 1550.

Short Term Target=1450-60

Positional Target=1550

AU SMALL FINANCE

The shares of AU SMALL FINANCE fell by around 10% on Friday clearing out almost all the gains it made since mid-February. The positives for the stock are Mutual Funds and Institutional Investors have increased their holdings in the march 21 quarter. the number of FII/FPI has also increased in the same quarter. If the stock trades below 980 which is the support level of the stock one should avoid or have a bearish approach towards it for the short term. One could buy and hold the stock having a positional view for the target of around 1150.

Positional Target= 1150